The AUDUSD daily chart shows a broadening triangle pattern. Follow with us what suggests the expansive sequence.
The Broadening Triangle, also known as the Megaphone Pattern showed in the AUDUSD, calls for a bounce. We observe a false breakdown in the current session, which drove to the pair to test the 0.6762 level. Once Aussie tested the intraday bottom, the price started to bounce. We expect a bounce which will be confirmed if the price closes above 0.6819. Our mid-term target is at 0.6929; and 0.7033. The invalidation level for our scenario is at 0.6762.
Remember that the price is not forced to move as our outlook proposes. The chart released corresponds to an educational application of the Technical Analysis. Comments issued don’t represent an investment recommendation. Leveraged products are complex financial instruments and are not recommended for a certain type of traders. Losses can exceed deposits.